A real estate company wants to study the relationship between house sales prices and some important predictors of sales prices. Based on data from recentlysold homes in the space, the following variables are used in a multiple regression model.y sales price (in thousands of dollars)x₁ = total floor area (in square feet)X₂= number of bedroomsx3²distance to nearest high school (in miles)The estimated model is as follows.y=121 +0.083x₁ +23x₂ - 4x3Answer the questions below for the interpretation of the coefficient of x₁ in this model.(a) Holding the other variables fixed, what is the average change in sales price for each100-square-foot increase in floor area?dollars(b) Is this change an increase or a decrease?increasedecreaseXŚ

Here the dependent variable is sales price (y).There are three independent variables.Total floor…

Answered: (a) Holding the other variables fixed,…

(a) Holding the other variables fixed, what is the average change in sales price for each 100-square-foot increase in floor area? dollars (b) Is this change an increase or a decrease?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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Question

A real estate company wants to study the relationship between house sales prices and some important predictors of sales prices. Based on data from recently
sold homes in the space, the following variables are used in a multiple regression model.
y sales price (in thousands of dollars)
x₁ = total floor area (in square feet)
X₂= number of bedrooms
x3²
distance to nearest high school (in miles)
The estimated model is as follows.
y=121 +0.083x₁ +23x₂ - 4x3
Answer the questions below for the interpretation of the coefficient of x₁ in this model.
(a) Holding the other variables fixed, what is the average change in sales price for each
100-square-foot increase in floor area?
dollars
(b) Is this change an increase or a decrease?
increase
decrease
X
Ś

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